Business and Social Responsibility Essay
406 Words2 Pages
Business and Social Responsibility It is widely known that for a business to be successful it needs to provide a good or service that is desired by the public and also to obtain a profit in providing said good or service. Now while these are the most important components to a successful business, they are not the only ones. The social responsibilities of a business include the following: environmental protection and preservation, employee safety and morale, product safety for the consumer. The financial manager must keep these three social responsibilities in mind when making any and all decisions. The environment has become a big issue over the last 30-40 years, especially for the businesses that may negatively affect it.…show more content…
In turn this bad publicity has negatively affected the business and in a lot of cases, caused the business to fade away. It is the job of the financial manager to oversee these environmental issues and make socially responsible decisions not only to avoid bad publicity, but to do their part in aiding the environment in a financially sound manner.
A business's employees are probably the most important part of the organization. In short, if there is something that hinders the performance of the employees the whole company suffers. Providing a safe and stimulating work environment is another thing that a financial manager should do to efficiently and effectively turn out a superior product. By keeping employee accidents to a minimum a business will avoid costly lawsuits and down-time.
Every business must realize that an unsafe product will not last in the open market and will, in the long run, cost more money to correct. The financial manager must understand that, above all, the product must be safe. He/she must decide the most cost-effective manner to manufacture the product and also have it deemed safe to use. I believe that this detail of product safety should be addressed very early on in the production process, as should the other two.
In conclusion, a business has an obligation to return something to society. Although the financial manager's main purpose is to acquire and control funds efficiently and effectively to maximize
Corporate Social Responsibility Essay
882 Words4 Pages
Corporations deal with a wide variety of social issues and problems; some directly related to their operations, some are not. Corporate Social Responsibility (CSR) can be defined as “the actions of an organization that are targeted toward achieving a social benefit over and above maximizing profits for its shareholders and meeting all its legal obligations” (Ghillyer 78). If this is the case, establishing appropriate and practical ethical guidelines in the workplace seems to be a reasonable request as a basis for corporate operations. Wal-Mart should be an example in determining what constitutes the values associated with its fundamental purpose of Corporate Social Responsibility. The four components of CSR are financial, legal, ethical,…show more content…
In addition, most associates cannot afford to be covered by health insurance. The consequence of this treatment of personnel is a high employee turnover rate, which seems to question management’s view that the organization is a family (“The NEW Age of Walmart”). The second component of CSR, which is representative of the legal standards and obligations, refers to the expectation that a corporation will follow the rules set down by society. This means the organization is to comply with government laws used to protect employees’, stakeholders, customers, suppliers, the community, and other competition in the marketplace. An individual business could have thousands of legal responsibilities governing almost every aspect of their operations, including consumer and product laws, environmental laws, and employment laws (Barnett). The legal challenges that face Wal-Mart are numerous. Before Wal-Mart decides to build a new store, it researches and visits specific site locations in conjunction with considering the neighborhood. It does so discretely as not attract attention attempting to protect against opposition to the development of a new store. Defenders of Wal-Mart propose the overall advantages to the community, which includes economic benefits and consumer choice. Opponents to a new Wal-Mart have concerns over traffic